Since the launch of online casinos, we’ve seen more than a fair share of various payment methods. The majority of players nowadays use credit/debit cards to deposit and withdraw with e-wallets second on the list. There is one method, however, with the largest discrepancy between its pros and cons – bank transfer.
Widely considered obsolete by many, bank transfers in online casinos are most likely the safest banking option you can choose. Additionally, bank transfers have been around for a long time, and that’s the reason why many people believe they’re the most trusted option. A tried and tested banking method, wire transfers have one big disadvantage – the transaction times. On the other hand, banks take security very seriously so you can deposit with your mind at ease. Your funds will be in safe hands if you deposit or withdraw via a bank, but you’ll have to wait for them to ‘land’ for a while.
Bank Transfer Explained
Another bullet in the pro column for bank transfer is the reason that all online casinos accept it. Well, apart from those modern cryptocurrency-only casinos. Wire transfer is a very reliable method and still very popular among players despite the cons. Although e-wallets usually limit the amount you can deposit or withdraw, that limit is much higher when it comes to wire transfers.
Plus, you don’t need to set up an account or anything assuming you have one open in the bank. If your bank offers Internet banking as well, everything gets a whole lot easier. So, even though bank transfers are dinosaurs in this new-age industry, it may very well be the safest option at your disposal.
How to Deposit Via Bank Transfer?
It doesn’t get easier to make deposits in online casinos and play in a live casino than this. If you decide to go with bank transfer, you should only enter your bank account details when you choose the option from the Cashier page. That’s it – no log-in required with user and password or any other information needed. You just enter your bank number and the money will be on its way.
Of course, you should always double check the data you’ve entered as it is hard to miss a number in such a long string. On the plus side, you can be sure that if you enter details correctly, your money will reach its destination safely.
Before making a deposit, we must stress the importance of finding a reliable casino. If you want to be extra sure that your money will end up in the right hands, you should only register at reliable and trustworthy casinos that accept wire transfers. The good news is that you have plenty of options – just take your time and you’ll find a casino that suits your needs.
How to Withdraw with Bank Transfer?
To withdraw winnings from your favorite live casino via bank transfer, you’ll need to have your IBAN/SWIFT number ready. If you have it, then all you need to do is enter that number in the corresponding field when prompted and that’s it. You will now have to wait for the money to reach your account which can be anywhere from a few days to a week.
Bank transfers can be completed in various currencies. This largely depends on the type of currency you’ve set as default in your bank. If your account is in USD, you’ll make USD deposits and withdrawals. Of course, you can withdraw winnings in other currencies than the default one for your account, but it will cost you small currency conversion fees.
Transfer Times, Fees, and Security
In regards to security, probably nothing beats bank transfers as a payment method in online casinos. Banks are notorious for their tight safety and security methods and will never allow anything to go wrong. Plus, there’s a paper trail behind each of your transactions, so you have proof even if something goes awry.
You should also check out if your bank charges transaction fees. They’re usually tiny, but it’s best to be sure. In regards to transfer times, wire transfers are chained at the bottom of the list. To put things into perspective, e-wallets offer withdrawal times of just a few hours, while bank transfers will need days or even a week.